Sony Cutting 10,000 Jobs
An article from the Associated Press reports that Sony is letting go of 10,000 of its employees over the next year as it tries to get its books back into the black. According to the report, the 10,000 employees represent 6 percent of the company’s total workforce.
It’s not totally clear what areas of the company will suffer losses, but the report does note that Sony is selling its chemical unit and merging its LCD panel operations with Toshiba and Hitachi. Apparently the merger could affect “up to 5,000 employees who are subject to transfers.”
It’s been a tough while for Sony as their finances have wound up in the red year after year. Only a few months ago, Kaz Hirai took over as CEO as the company’s credit rating was downgraded by Standard and Poor’s, the second such downgrade within the last year.
While cutting 10,000 jobs is one surefire way to keep some money from flying out the door, it’s a sad state of affairs to be sure, especially in this economy.
Via Associated Press